In the DEX sector, $UNI is the most valuable. The other four projects each have fatal shortcomings—JUP is trapped on the Solana single chain, CRV is limited to stablecoins, CAKE is shrinking as the BSC ecosystem contracts, and SUSHI has declined due to internal infighting. UNI has three major long-term variables: ① upgrading from the protocol to infrastructure via v4 and Unichain (supporting limit orders, derivatives, and its own L2); ② enabling the Fee Switch so governance tokens receive dividends, becoming income-generating assets; ③ with CEXs constrained by regulation, the replacement value of DEXs continues to be amplified. UNI is not only the leading DEX, but also the foundational infrastructure layer of decentralized exchanges.